ARCO VARA AS - NASDAQ OMX Baltic

USE OF PROCEEDS
The aggregate net proceeds to the Company are estimated to amount to approximately EEK 1,372
million, after deducting the fees and expenses of the Combined Offering, based on the mid-point of the
Offer Price Range set forth in the cover of this Offering Circular and assuming that the Upsizing
Option is exercised in full. The fees and expenses incurred in connection with the Combined Offering
and payable by the Company are estimated to amount to approximately EEK 66 million, based on the
mid-point of the Offer Price Range and assuming that the Upsizing Option is exercised in full.
The Company intends to use the net proceeds of the Combined Offering to finance new real estate
development projects, primarily focusing on Bulgaria, Romania and Ukraine. The Company also
expects to use some of the funds for the development of its existing residential and commercial
development projects in Estonia and Latvia. Some of the funds may also be used to fund other areas of
the Group’s future growth, towards the repayment of any outstanding liabilities and for other general
corporate purposes.
The aggregate net proceeds payable to the Selling Shareholders from the sale of Offer Shares and
Additional Shares in the Combined Offering, after deduction of the fees and assuming exercise of the
Over-allotment Option in full, are expected to be approximately EEK 485 million, based on the midpoint
of the Offer Price Range. The Company will not receive any of the proceeds from the sale of
Offer Shares by the Selling Shareholders.
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